Ruben Karleni Vardanyan (, ; born 25 May 1968) is a
Russian-Armenian oligarch and a politician who served as the
State Minister
Minister of state is a designation for a government minister, with varying meanings in different jurisdictions. In a number of European countries, the title is given as an honorific conferring a higher rank, often bestowed upon senior ministers ...
of the
Republic of Artsakh
Artsakh ( ), officially the Republic of Artsakh or the Republic of Nagorno-Karabakh ( ), was a breakaway state in the South Caucasus whose territory was internationally recognised as part of Azerbaijan. Between 1991 and 2023, Artsakh cont ...
(Nagorno-Karabakh), an
unrecognized state
A sovereign state is a state that has the highest authority over a territory. It is commonly understood that a sovereign state is independent. When referring to a specific polity, the term "country" may also refer to a constituent country, or ...
in the
South Caucasus
The South Caucasus, also known as Transcaucasia or the Transcaucasus, is a geographical region on the border of Eastern Europe and West Asia, straddling the southern Caucasus Mountains. The South Caucasus roughly corresponds to modern Armenia, ...
, from 4 November 2022 until 23 February 2023.
Vardanyan was close to
Vladimir Putin
Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
and likely had influential access to him.
Vardanyan continued his support and work in Artsakh following his dismissal from the post of State Minister in 2023.
Vardanyan has engaged in efforts to promote economic and social advancement in Armenia and Republic of Artsakh, focusing on long-term development projects.
Prior to his political career, Vardanyan was a
businessman
A businessperson, also referred to as a businessman or businesswoman, is an individual who has founded, owns, or holds shares in (including as an angel investor) a private-sector company. A businessperson undertakes activities (commercial ...
and
philanthropist
Philanthropy is a form of altruism that consists of "private initiatives for the public good, focusing on quality of life". Philanthropy contrasts with business initiatives, which are private initiatives for private good, focusing on material ...
.
He is the former
chief executive officer
A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization.
CEOs find roles in variou ...
and shareholder of the
Troika Dialog
Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.
Sberbank CIB's core lines of ...
investment bank
Investment is traditionally defined as the "commitment of resources into something expected to gain value over time". If an investment involves money, then it can be defined as a "commitment of money to receive more money later". From a broade ...
, which was the hearth of the
Troika Laundromat Troika laundromat or ŪkioLeaks is a money laundering scheme organized by Russia's former largest investment bank Troika Dialog. This scheme allowed the flow of some $4.8 billion of funds from Russian companies and figures into Europe and the US b ...
.
In 2021, his net worth was estimated by
Forbes
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
at $1 billion.
In September 2023, following the
Azerbaijani offensive in Nagorno-Karabakh and subsequent
flight of Nagorno-Karabakh Armenians
On 19–20 September 2023, Azerbaijan initiated a military offensive in the disputed Nagorno-Karabakh region which ended with the surrender of the self-declared Republic of Artsakh and the disbandment of its armed forces. Up until the milita ...
, Vardanyan was
detained by Azerbaijani authorities in the
Lachin corridor
__NOTOC__
The Lachin corridor was a mountain road in Azerbaijan that linked Armenia and Nagorno-Karabakh.
Being the only road between these two territories, it was considered a humanitarian corridor or "lifeline" to the Armenian population of ...
.
A number of internationally renowned public figures and organizations have called for the release of Vardanyan along with other former de facto Nagorno-Karabakh officials, considering his detention to be politically motivated or in violation of international laws.
Early life and education
Ruben Vardanyan was born on 25 May 1968, in
Yerevan
Yerevan ( , , ; ; sometimes spelled Erevan) is the capital and largest city of Armenia, as well as one of the world's List of oldest continuously inhabited cities, oldest continuously inhabited cities. Situated along the Hrazdan River, Yerev ...
,
Armenian SSR
The Armenian Soviet Socialist Republic (ArSSR), also known as Soviet Armenia, or simply Armenia, was one of the constituent republics of the Soviet Union, located in the Caucasus region of Eurasia. Soviet Armenia bordered the Soviet republics ...
. In 1985 he graduated with honours from Yerevan School No. 35. In 1985, he enrolled in
Moscow State University's Faculty of Economics. After completing his first year, he did
military service
Military service is service by an individual or group in an army or other militia, air forces, and naval forces, whether as a chosen job (volunteer military, volunteer) or as a result of an involuntary draft (conscription).
Few nations, such ...
in
Soviet Azerbaijan
The Azerbaijan Soviet Socialist Republic, also referred to as the Azerbaijani Soviet Socialist Republic, Azerbaijan SSR, Azerbaijani SSR, AzSSR, Soviet Azerbaijan or simply Azerbaijan, was one of the Republics of the Soviet Union, constituent re ...
and Armenia. In 1992 he graduated with honours from the Faculty of Economics.
Vardanyan was trained at
Cassa di Risparmio di Torino
Banca Cassa di Risparmio di Torino S.p.A., also known as Banca CRT or Caritorino, was an Italian savings bank based in Turin, founded in 1827 and merged into Unicredito in 1997. In 1998, Unicredito merged with Credito Italiano to form UniCredi ...
Italian savings bank in
Turin
Turin ( , ; ; , then ) is a city and an important business and cultural centre in northern Italy. It is the capital city of Piedmont and of the Metropolitan City of Turin, and was the first Italian capital from 1861 to 1865. The city is main ...
and completed a course on developing markets at
Merrill Lynch
Merrill Lynch, Pierce, Fenner & Smith Incorporated, doing business as Merrill, and previously branded Merrill Lynch, is an American investment management and wealth management division of Bank of America. Along with BofA Securities, the investm ...
in
New York
New York most commonly refers to:
* New York (state), a state in the northeastern United States
* New York City, the most populous city in the United States, located in the state of New York
New York may also refer to:
Places United Kingdom
* ...
in 1992.
Later, he completed short-term courses at
INSEAD
INSEAD ( ; French: ''Institut européen d'administration des affaires'') is a non-profit business school with locations in Europe (Fontainebleau, France), Asia (Singapore), the Middle East (Abu Dhabi, UAE) and North America (San Francisco, USA ...
(
Fontainebleau
Fontainebleau ( , , ) is a Communes of France, commune in the Functional area (France), metropolitan area of Paris, France. It is located south-southeast of the Kilometre zero#France, centre of Paris. Fontainebleau is a Subprefectures in Franc ...
,
France
France, officially the French Republic, is a country located primarily in Western Europe. Overseas France, Its overseas regions and territories include French Guiana in South America, Saint Pierre and Miquelon in the Atlantic Ocean#North Atlan ...
, 2000),
Harvard Business School
Harvard Business School (HBS) is the graduate school, graduate business school of Harvard University, a Private university, private Ivy League research university. Located in Allston, Massachusetts, HBS owns Harvard Business Publishing, which p ...
(2001, 2005, 2018),
Yale University
Yale University is a Private university, private Ivy League research university in New Haven, Connecticut, United States. Founded in 1701, Yale is the List of Colonial Colleges, third-oldest institution of higher education in the United Stat ...
and
Stanford
Leland Stanford Junior University, commonly referred to as Stanford University, is a private research university in Stanford, California, United States. It was founded in 1885 by railroad magnate Leland Stanford (the eighth governor of and th ...
GSB (2012, 2013).
Career
Business Activities (1999-2012)
Vardanyan and Peter Derby founded ''
Troika Dialog
Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.
Sberbank CIB's core lines of ...
'' on 18 March 1991. Vardanyan first worked as an expert and then headed the IPO department. In 1992, Vardanyan entered the executive board and became an executive director. As director of Troika Dialog, Vardanyan established relationships with Western investors and helped develop the legal framework and infrastructure for the Russian securities market.
Vardanyan became CEO of Troika Dialog in 1996.
In the same year, Troika Dialog Asset Management (“TDAM”) was registered as the asset management arm of Troika Dialog which, in partnership with US-based Lexington Management Corporation, established the first mutual fund (the Lexington Troika Dialog Russia Fund) allowing US investors to participate in the Russian equity market.
Later he became the president, CEO, and chairman of the board of directors of the company. He held the post until the company was sold.
In the early 2000s, Troika had offices in New York and London.
In 2004, Vardanyan was named as both
Ernst & Young
EY, previously known as Ernst & Young, is a multinational corporation, multinational professional services partnership, network based in London, United Kingdom. Along with Deloitte, KPMG and PwC, it is one of the Big Four accounting firms, Big F ...
’s Entrepreneur of the Year in Russia and Investment Banker of the Year by the National Association of Securities Market Participants (“NAUFOR”).
As of 2011, the partners held 63.6% of Troika Dialog shares, with 40% owned by Vardanyan. At financial year-end 2010, Troika’s assets totaled $5.75 bln, $872 mln equity and $42.346 mln revenue.
On March 11, 2011,
Sberbank
The Public JSC Sberbank (, initially a contraction of ) is a Russian majority state-owned banking and financial services company headquartered in Moscow. As the Russian successor entity of the State Labor Savings Banks System of the USSR, it was ...
announced its 100% acquisition of Troika Dialog for $1 bln, the transaction was finalized on January 23, 2012.
The agreement also included Troika's partners’ bonuses for three years, thus the overall deal totaled $1.4 bln. Before the sale, Vardanyan owned the major block of shares (40%), estimated at $560 mln. In requital, he was offered a 20.5% stake in
AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftɐˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ (), an acronym for Volga Automotive Plant in Russian (). AvtoVAZ is best known for its flagship series of ...
and a 27.3% stake in
Kamaz, later sold with a profit.
The merger resulted in the launch of
Sberbank CIB
Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.
Sberbank CIB's core lines of ...
(renamed from Troika Dialog), Sberbank’s corporate and investment banking business. Vardanyan had initially intended to sell his stake to Troika Dialog management before the Sberbank deal. From the sale of "Troika Dialog" until 2015, Vardanyan co-headed Sberbank CIB, also holding posts of adviser to the CEO of Sberbank and chairman of the board.
Vardanyan stepped down from his role at Sberbank CIB in 2015.
By 2013,
Forbes
''Forbes'' () is an American business magazine founded by B. C. Forbes in 1917. It has been owned by the Hong Kong–based investment group Integrated Whale Media Investments since 2014. Its chairman and editor-in-chief is Steve Forbes. The co ...
estimated Vardanyan's net worth at $800 mln.
Business Activities (Post-2012)
After the sale, Vardanyan devoted a significant portion of the funds to philanthropic causes and long-term infrastructure projects like the Skolkovo Business School, which he had founded in 2006.
In 2013 Vardanyan along with Mikhail Broitman started ''Vardanyan, Broitman and Co'', an investment company.
As of 2018, Vardanyan owned 75% of the company.
Its assets include shares in
Ameriabank, UFS Transport operator, and several venture projects (Lamoda, Pronutria, NtechLab). Major investments are placed in real estate management. In 2013 Vardanyan acquired a 50% share in Avica Management Company, an investment fund, established by Gagik Adibekyan's RD Group. In February 2018 the partners announced a split, dividing real estate assets of estimated $1 bln value. Accprding to the settlement, Vardanyan was to keep office spaces, including Romanov Dvor and Vozdvizhenka business centres. Also in 2018 Vardanyan and
Global Blue
Global Blue is a tourism shopping tax refund company headquartered in Nyon, Switzerland. The company is best known for tax-free shopping, a VAT/ GST refund product and also operates in dynamic currency conversion, marketing services, point-of ...
announced the launch of Global Blue Russia, a first tax-refunding company in Russia.
In 2015 Ruben Vardanyan launched "Phoenix Advisors", a company engaged in family welfare protection, management and succession planning.
Vardanyan also co-founded the Future Armenian initiative, which contributes to a number of philanthropic ventures, with a focus on the promotion of entrepreneurship and in particular on the development of his home country, Armenia. He and the other founders have contributed to around 700 projects in Armenia with a total investment of over $700 million.
In 2020, the
Anti-Corruption Foundation
The Anti-Corruption Foundation (ACF or FBK; ; ) is a non-profit organization established in 2011 by the Russian opposition figure Alexei Navalny. The FBK published investigations into alleged corruption by high-ranking Russian government official ...
, a Russian NGO led by Russian opposition figure
Alexey Navalny
Alexei Anatolyevich Navalny (, ; 4 June 197616 February 2024) was a Russian opposition leader, anti-corruption activist and political prisoner. He founded the Anti-Corruption Foundation (FBK) in 2011. He was recognised by Amnesty Internatio ...
, published an investigation which concerned Santerna Holdings Limited, a company owned by Vardanyan. Citing Santerna's publicly available annual reports, the investigation found that, in 2016, Santerna invested almost $33.45 million in Luchano, a spa business owned by Gulsina Minnikhanova, the wife of the President of Tatarstan
Rustam Minnikhanov
Rustam Nurgaliyevich Minnikhanov (born 1 March 1957) is a Russian politician who has served as the head of Tatarstan, a federal subjects of Russia, federal subject of Russia, since 2010.
Early life and education
Rustam Minnikhanov was born on 1 ...
. The annual reports showed that Santerna's auditors applied a $26.8 million
impairment charge
In accounting, an impaired asset is an asset which has a market value less than the value listed on its owner's balance sheet.
According to U.S. accounting rules (known as US GAAP), the value of an asset is impaired when the sum of estimated futu ...
shortly after the investment, reducing Santerna's stake in Luchano to $6.6 million. In 2018, Santerna made another investment of $10 million in Luchano. Months later, the same auditors applied another impairment charge, further bringing down the value of Santerna's investment, to $5 million. Based on this financial activity, whereby Santerna willingly overpaid twice, the Anti-Corruption Foundation asserted that Vardanyan's company made two disguised gifts, or
bribes
Bribery is the corrupt solicitation, payment, or acceptance of a private favor (a bribe) in exchange for official action. The purpose of a bribe is to influence the actions of the recipient, a person in charge of an official duty, to act contrar ...
, to the wife of the President of Tatarstan. In the aftermath of both investments, investigative journalists found millions of dollars of luxury real estate owned by
Minnikhanov's family. Vardanyan denied these accusations.
Corporate governance roles
In 2004, Vardanyan was CEO of
Rosgosstrakh. He also headed Troika Dialog at the same time.
As of October 2019, Vardanyan is one of the members of board of directors at
Kamaz,
Ameriabank and Global Blue Russia Holdings B.V. He also is a member of the investment committee Avica Property Investors International, a member of the supervisory board at Investment and Venture Fund of the Republic of Tatarstan. Vardanyan is the chairman of the editorial committee international at BRICS Business Magazine. He previously had served as an expert and executive member of advisory boards at
Sollers JSC
Sollers, formerly known as OAO Severstal-Auto, is a Russian company holding controlling blocks of shares of OAO Ulyanovsk Automobile Works (UAZ), Zavolzhye Motor Works (ZMZ) and OAO ZMA. The enterprises of Severstal-Auto are well-known automob ...
,
AvtoVAZ
AvtoVAZ ( rus, АвтоВАЗ, p=ɐftɐˈvas) is a Russian automobile manufacturing company owned by the state. It was formerly named as VAZ (), an acronym for Volga Automotive Plant in Russian (). AvtoVAZ is best known for its flagship series of ...
,
Sibur
SIBUR (PJSC SIBUR Holding) is a Russian petrochemicals company founded in 1995 and headquartered in Moscow.
SIBUR is the largest integrated petrochemicals company in Russia and one of the fastest-growing companies in the global petrochemicals i ...
,
Novatek
Novatek (, , ) is Russia's second-largest natural gas producer (behind Gazprom), and the seventh-largest publicly traded company globally by natural gas production volume. The company was originally known as OAO FIK Novafininvest. Novatek is bas ...
, Sukhoi Civil Aircraft Company,
Sheremetyevo International Airport
Sheremetyevo International Airport (, , Internal code: ШРМ) is one of four international airports that serve the city of Moscow. It is the busiest airport in Russia and the post-Soviet states, as well as the ninth-busiest airport in Euro ...
, Rosgosstrakh,
International Finance Corporation
The International Finance Corporation (IFC) is an international financial institution headquartered in Washington, D.C. and a member of the World Bank Group that offers investment, advisory, and asset-management services to encourage private ...
,
Standard Bank
Standard Bank (officially Standard Bank Group Limited) is the largest bank in Africa, as well as the continent's biggest lender by assets.
The company's corporate headquarters, Standard Bank Centre, is located in Johannesburg, Gauteng. The ...
,
Marsh & McLennan Companies
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, inves ...
,
Russian Trading System
The Russian Trading System (RTS; ) was a stock market that operated in Moscow from 1995 to 2011. It was established in September 1995 to consolidate various regional trading floors into one exchange. In December 2011 it merged with Moscow Interba ...
,
Moscow Stock Exchange
The Moscow Exchange (MOEX; , ) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central secur ...
, the Federal Commission on Securities Market, the Depository Clearing Company, the National Association of Stock Market participants etc.
He also headed the National Association of Stock Market participants during 1997 and 1998.
Since 2000, Vardanyan has been a member of the Russian Union of Industrialists and Entrepreneurs (RSPP) where he was one of the members of executive board till 2012. In 2009 he entered the Committee on Innovative Policy and Entrepreneurship.
Vardanyan was one of the co-founders of the 2015 Club, an informal Russian businessmen organization, that worked on strategic planning for the Russian economy up to 2015. Since 2010 Vardanyan is a member of trustees at the Alexander Gorchakov
Public Diplomacy
In international relations, public diplomacy broadly speaking, is any of the various government-sponsored efforts aimed at communicating directly with foreign publics to establish a dialogue designed to inform and influence with the aim of bui ...
Fund. In 2015 he co-founded the Primakov Center for International Cooperation, currently Vardanyan is a member of its advisory board.
In 2019, Vardanyan was invited to join the executive board of Moscow-based
ACRA rating agency.
Move to Armenia and Nagorno-Karabakh
In June 2021, Vardanyan acquired Armenian citizenship.
He stated that he made his decision to move back to Armenia following the
Second Nagorno-Karabakh War
The Second Nagorno-Karabakh War was an armed conflict in 2020 that took place in the disputed region of Nagorno-Karabakh and the Armenian-occupied territories surrounding Nagorno-Karabakh, surrounding occupied territories. It was a major esca ...
.
In the past, Vardanyan had denied any intention to take up any government position in Armenia; however, he was viewed as a potential political player and is rumored to be involved with the newly founded political party
Country of Living
Country of Living (), also known as Country to Live, Living Country or Land of Living, is an Armenian political party. It was founded in 2021 and is currently led by Mane Tandilyan.
History
The party held its founding congress on 15 August 2021, ...
.
In November 2021, Vardanyan gave an interview in which he spoke about his plans to start a political career in Armenia and also considered the possibility of becoming the president of Armenia.
In September 2022, Vardanyan declared that he was moving to the unrecognized
Republic of Artsakh
Artsakh ( ), officially the Republic of Artsakh or the Republic of Nagorno-Karabakh ( ), was a breakaway state in the South Caucasus whose territory was internationally recognised as part of Azerbaijan. Between 1991 and 2023, Artsakh cont ...
(in the region of
Nagorno-Karabakh
Nagorno-Karabakh (, ; ) is a region in Azerbaijan, covering the southeastern stretch of the Lesser Caucasus mountain range. Part of the greater region of Karabakh, it spans the area between Lower Karabakh and Syunik Province, Syunik. Its ter ...
) and announced that he was no longer a Russian citizen.
Following
Russia's 2022 invasion of Ukraine
On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...
, Vardanyan was named in a draft bill in the
U.S. House of Representatives
The United States House of Representatives is a chamber of the bicameral United States Congress; it is the lower house, with the U.S. Senate being the upper house. Together, the House and Senate have the authority under Article One of th ...
which called for him to be targeted for individual sanctions.
Vardanyan denied that his renunciation of Russian citizenship was an attempt to escape international sanctions against Russia.
In his words, his actions stemmed from a desire to be with his nation during a time of crisis: “Today the people of Artsakh are in a very difficult psychological state, they have no confidence in the future. The inhabitants of the republic, who survived two wars and lost their loved ones in the struggle for independence, feel abandoned,” he stated.
Initially he was reluctant to take any political post, but a couple of month later, in October, Vardanyan was suddenly offered the position of
State Minister
Minister of state is a designation for a government minister, with varying meanings in different jurisdictions. In a number of European countries, the title is given as an honorific conferring a higher rank, often bestowed upon senior ministers ...
, which was equivalent of prime minister,
with "broad powers" by President of Artsakh
Arayik Harutyunyan
Arayik Vladimiri Harutyunyan (; born 14 December 1973) is an Armenian politician who served as the fourth president of the Republic of Artsakh from May 2020 to September 2023. Under his predecessor Bako Sahakyan, he served as the sixth and last ...
.
Harutyunyan appointed Vardanyan Minister of State on 4 November 2022.
Vardanyan submitted a request to Russian state authorities to annul his citizenship so that he could become a citizen of Artsakh, which was officially granted in December 2022.
Vardanyan was dismissed from the position of State Minister on 23 February 2023, having held office for less than four months.
Vardanyan’s dismissal was one of the key demands made by
Azerbaijan
Azerbaijan, officially the Republic of Azerbaijan, is a Boundaries between the continents, transcontinental and landlocked country at the boundary of West Asia and Eastern Europe. It is a part of the South Caucasus region and is bounded by ...
for it to end its
blockade of Nagorno-Karabakh
The blockade of Nagorno-Karabakh was an event in the Nagorno-Karabakh conflict. The Nagorno-Karabakh, region was disputed between Azerbaijan and the List of states with limited recognition, breakaway Republic of Artsakh, Diplomatic recognition, i ...
. Prior to this, Vardanyan had rejected Azerbaijani demands that he leave the region.
Following his dismissal, Vardanyan vowed to continue living and working in Artsakh.
Azerbaijan's 2023 offensive in Nagorno-Karabakh and his detainment
In September 2023, following the
Azerbaijani offensive in Nagorno-Karabakh and subsequent
flight of Nagorno-Karabakh Armenians
On 19–20 September 2023, Azerbaijan initiated a military offensive in the disputed Nagorno-Karabakh region which ended with the surrender of the self-declared Republic of Artsakh and the disbandment of its armed forces. Up until the milita ...
, Vardanyan was detained by Azerbaijani authorities in the
Lachin corridor
__NOTOC__
The Lachin corridor was a mountain road in Azerbaijan that linked Armenia and Nagorno-Karabakh.
Being the only road between these two territories, it was considered a humanitarian corridor or "lifeline" to the Armenian population of ...
on charges of "financing terrorism, creating illegal armed formations and illegally crossing a state border".
A number of internationally renowned public figures and organizations have called for the release of Vardanyan along with other former de facto Nagorno-Karabakh officials, describing the charges as fabricated and considering his detention to be politically motivated or in violation of international laws.
Following his arrest, Vardanyan’s wife was quoted as saying that “Ruben stood with the people of Artsakh, during the 10-month blockade and suffered with them in the struggle for survival. I ask for your prayers.” US senator
Ed Markey
Edward John Markey (born July 11, 1946) is an American politician serving as the Seniority in the United States Senate, junior United States Senate, United States senator from the state of Massachusetts, a seat he has held since 2013. A member of ...
has stated that Vardanyan and several others have been illegally detained in violation of international laws.
The court extended Vardanyan’s pre-trial detention by another four months in January 2024. He then went on a hunger strike in April to demand a speedy trial, but his family reported on 25 April 2024 that he ended it. In June 2024, a team of international attorneys representing Vardanyan filed a complaint with the UN that Vardanyan had been tortured in the Azeri prison.
On 17 January 2025 Vardanyan and 15 other Armenian officials went on trial for terrorism, crimes against humanity and crimes against the state of Azerbaijan. Vardanyan stated that he faced 42 charges in all, and also that he had not been given a chance to properly review the indictment. He began another hunger strike in February 2025.
Philanthropy and social entrepreneurship

Vardanyan through his philanthropic activities has been involved with
Pushkin Museum
The Pushkin State Museum of Fine Arts (, abbreviated as , ''GMII'') is the largest museum of European art in Moscow. It is located in Volkhonka street, just opposite the Cathedral of Christ the Saviour. The International musical festival Sviatos ...
council,
Russian National Orchestra
The Russian National Orchestra () was founded in Moscow in 1990 by pianist and conductor Mikhail Pletnev. It was the first Russian orchestra to perform at the Apostolic Palace, Vatican City and in Israel.
History
The RNO's first recording (1991 ...
and The American Russian Youth Orchestra.
He co-founded
Moscow School of Management SKOLKOVO and was its president from 2006 to 2011. As of 2019, Vardanyan holds is the vice-chairman at the Skolkovo advisory board.
Vardanyan also heads the supervisory board at Skolkovo Institute for Emerging Market Studies (SIEMS).
From 2000 till 2016, Vardanyan was a member of the university endowment supervisory board at Russian
New Economic School
New Economic School (NES) (in Russia known as Российская экономическая школа, РЭШ – "Russian Economic School") is a private institution of higher learning offering undergraduate and graduate programs in economic ...
, During 2008-09 he was one of the members of the advisory board.
He had previously held served in supervisory boards of
(since 2014),
MSU Faculty of Economics (2014-2017), international councils at
Brazil
Brazil, officially the Federative Republic of Brazil, is the largest country in South America. It is the world's List of countries and dependencies by area, fifth-largest country by area and the List of countries and dependencies by population ...
ian Fundação Dom Cabral' (since 2009),
Japan
Japan is an island country in East Asia. Located in the Pacific Ocean off the northeast coast of the Asia, Asian mainland, it is bordered on the west by the Sea of Japan and extends from the Sea of Okhotsk in the north to the East China Sea ...
ese International Christian University (2011-2015), and GuangHua management school in
China
China, officially the People's Republic of China (PRC), is a country in East Asia. With population of China, a population exceeding 1.4 billion, it is the list of countries by population (United Nations), second-most populous country after ...
.

In 2013 Vardanyan, together with Veronika Zonabend and Partners, established
UWC Dilijan College
UWC Dilijan College is the 14th member of the United World Colleges movement, one of eighteen colleges around the world, and the first international boarding school in Armenia. The college matriculated its first 96 IB1 students (11th graders) in ...
. The college is an international boarding school aimed at educating exceptionally talented youth, located in the
Armenia
Armenia, officially the Republic of Armenia, is a landlocked country in the Armenian Highlands of West Asia. It is a part of the Caucasus region and is bordered by Turkey to the west, Georgia (country), Georgia to the north and Azerbaijan to ...
n city of
Dilijan
Dilijan () is a spa town and urban municipal community in the Dilijan Municipality of the Tavush Province of Armenia. The town is one of the most important resorts in Armenia, situated within the Dilijan National Park. The forested town is home t ...
.
In early 2000s Ruben Vardanyan and
Noubar Afeyan
Noubar Afeyan (Western ; born in 1962) is an American-Canadian entrepreneur, inventor, and philanthropist. He is best known for co-founding the biotechnology company Moderna, through his venture capital firm, Flagship Pioneering, and for co-foun ...
initiated the Armenia 2020 project.
Vardanyan's philanthropic organization IDea Foundation undertakes the Tatev Revival Project that supports the restoration of
Tatev Monastery
The Tatev Monastery () is a 9th-century Armenian Apostolic Christian monastery located on a large basalt plateau near the village of Tatev in the Syunik Province in southeastern Armenia. The term "Tatev" usually refers to the monastery. The mo ...
in southern Armenia. Vardanyan has supported other restoration initiatives, such as that of the Saint George's Church in
Tbilisi
Tbilisi ( ; ka, თბილისი, ), in some languages still known by its pre-1936 name Tiflis ( ), ( ka, ტფილისი, tr ) is the Capital city, capital and List of cities and towns in Georgia (country), largest city of Georgia ( ...
in 2015. Vardanyan was one of the benefactors of the
Armenian Cathedral of Moscow, consecrated in 2017. In May 2017 the restored Holy Mother of God Church was opened
Mushkapat,
Artsakh. in 2019, the restoration of
Yukhari Govhar Agha Mosque
The Yukhari Govhar Agha Mosque (), also called the Great Mosque of Govhar Agha (), is a Shia Islam, Shia Islam mosque located in the city of Shusha, Azerbaijan.
History
The Yukhari Govhar Agha means "The Upper Govhar Agha Mosque" in Azerbai ...
in
Shusha
Shusha (, ) or Shushi () is a city in Azerbaijan, in the region of Nagorno-Karabakh. Situated at an altitude of 1,400–1,800 metres (4,600–5,900 ft) in the Karabakh mountains, the city was a mountain resort in the Soviet Union, Soviet ...
was supported by Vardanyan's Revival of Oriental Historical Heritage Foundation.
In 2016 the Foundation for Armenian Science and Technology was established jointly by Vardanyan,
Noubar Afeyan
Noubar Afeyan (Western ; born in 1962) is an American-Canadian entrepreneur, inventor, and philanthropist. He is best known for co-founding the biotechnology company Moderna, through his venture capital firm, Flagship Pioneering, and for co-foun ...
, Fr.
Mesrop Aramian and Artur Alaverdyan. In 2014 Vardanyan also co-funded the prize money of the
Aurora Prize for Awakening Humanity
The US $1,000,000 Aurora Prize for Awakening Humanity is a global humanitarian award recognizing individuals for humanitarian work. It is awarded on behalf of the survivors of the Armenian genocide.
The Aurora Prize ceremonies have taken place si ...
jointly with Noubar Afeyan, and
Vartan Gregorian
Vartan Gregorian (April 8, 1934 – April 15, 2021) was an Armenian-American academic, educator, and historian. He served as president of the Carnegie Corporation from 1997 to 2021.
Gregorian moved to the United States from Iran at age 22. H ...
.
Ilya Shumanov
Ilia Shumanov (; born 21 June 1981) is a Russian journalist. He served as the executive director of ''Transparency International Russia'' from 2021 and is the founder of the ''Arctida'' project.
Biography
Ilia Shumanov was born in Voronezh, USS ...
, president of
Transparency International
Transparency International e.V. (TI) is a German registered association founded in 1993 by former employees of the World Bank. Based in Berlin, its nonprofit and non-governmental purpose is to take action to combat global corruption with civil s ...
Russia, accused Vardanyan in January 2024 of only pretending to be a philanthropist "rather than like someone who is taking money out of the bank and working with dubious, corrupt individuals who, as is now evident, are the ones who started
this war."
Controversies
Sanction by Ukraine
Following the
Russian invasion of Ukraine
On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...
, Vardanyan was placed on the Ukrainian government's list of sanctioned people for his role as a
board member
A board of directors is a governing body that supervises the activities of a business, a nonprofit organization, or a government agency.
The powers, duties, and responsibilities of a board of directors are determined by government regulations ...
of the Russian air cargo company
Volga Dnepr, which plays a major role in Russian military air transport.
According to Kyiv, his commercial ventures "undermine or threaten Ukraine's territorial integrity, sovereignty, and independence."
He is wanted by the Ukrainian Secret Service (SSU).
Troika laundromat
On 4 March 2019, the
Organized Crime and Corruption Reporting Project
The Organized Crime and Corruption Reporting Project (OCCRP) is a global network of Investigative journalism, investigative journalists. It was founded in 2006 and specializes in organized crime and corruption.
It publishes its stories through ...
(OCCRP) published an investigation on the ''Troika Laundromat'', reporting on its network of 76 offshore companies, facilitating around $4.6 bln.
Ruben Vardanyan was the head of Troika Dialog at the time.
He supposedly provided a loan to a business that was a part of the plan, according to one document that bears his signature, but the OCCRP claims there is no "definitive evidence" that he was aware of the fraud.
According to Vardanyan, who was mentioned by the OCCRP, his bank didn't do anything improper, and was run similarly to other investment banks at the time. He did point out, however, that he "couldn't possibly know" about every transaction that his bank carried out on behalf of customers.
Lithuanian government prosecutors raised concerns about the bank's transfers being too lightly inspected. Data shows that shell company named Quantus sent nearly $500,000 to pay Vardanyan's credit card bills. Other than that, his wife and mother-in-law received 935,000 euros and 900,000 euros respectively.
On March 14, 2019, 22 members of
EU Parliament
The European Parliament (EP) is one of the two legislative bodies of the European Union and one of its seven institutions. Together with the Council of the European Union (known as the Council and informally as the Council of Ministers), it a ...
from 14 countries including
Lithuania
Lithuania, officially the Republic of Lithuania, is a country in the Baltic region of Europe. It is one of three Baltic states and lies on the eastern shore of the Baltic Sea, bordered by Latvia to the north, Belarus to the east and south, P ...
,
Germany
Germany, officially the Federal Republic of Germany, is a country in Central Europe. It lies between the Baltic Sea and the North Sea to the north and the Alps to the south. Its sixteen States of Germany, constituent states have a total popu ...
,
UK,
Belgium
Belgium, officially the Kingdom of Belgium, is a country in Northwestern Europe. Situated in a coastal lowland region known as the Low Countries, it is bordered by the Netherlands to the north, Germany to the east, Luxembourg to the southeas ...
,
Finland
Finland, officially the Republic of Finland, is a Nordic country in Northern Europe. It borders Sweden to the northwest, Norway to the north, and Russia to the east, with the Gulf of Bothnia to the west and the Gulf of Finland to the south, ...
,
Sweden
Sweden, formally the Kingdom of Sweden, is a Nordic countries, Nordic country located on the Scandinavian Peninsula in Northern Europe. It borders Norway to the west and north, and Finland to the east. At , Sweden is the largest Nordic count ...
and
Poland
Poland, officially the Republic of Poland, is a country in Central Europe. It extends from the Baltic Sea in the north to the Sudetes and Carpathian Mountains in the south, bordered by Lithuania and Russia to the northeast, Belarus and Ukrai ...
wrote an open letter to
Jean-Claude Juncker
Jean-Claude Juncker (; born 9 December 1954) is a Luxembourgish politician who was List of prime ministers of Luxembourg, prime minister of Luxembourg from 1995 to 2013 and president of the European Commission from 2014 to 2019. He also was List ...
– president of the
European Commission
The European Commission (EC) is the primary Executive (government), executive arm of the European Union (EU). It operates as a cabinet government, with a number of European Commissioner, members of the Commission (directorial system, informall ...
– asking that he take "appropriate measures" against
Troika Dialog
Sberbank CIB is a multinational investment banking and asset management firm headquartered in Moscow, Russia, and a subsidiary of Sberbank. It was founded in Moscow in 1991, and was formerly known as Troika Dialog.
Sberbank CIB's core lines of ...
and Vardanyan.
U.S. sanctions draft and alleged complicity with the Kremlin
In January 2022, Ruben Vardanyan was listed as one of several individuals that the Biden administration was considering to place under sanctions in House Resolution 6422, formally known as the Putin Accountability Act.
The bill was never passed and has had no action since November 2022.
Eight months later, Vardanyan renounced his Russian citizenship and moved to Azerbaijan's breakaway Nagorno-Karabakh region. Some people suggested that that move was intended to avoid sanctions, but Vardanyan refuted this idea, saying “If sanctions were my concern, I'd choose Uruguay. It boasts wonderful weather, affordable cuisine, and excellent soccer. To suggest that sanctions prompted my move to Artsakh is to wildly misconstrue the situation.
Other sources, in Azerbaijan, Armenia and elsewhere, including
Brenda Shaffer
Brenda Shaffer (born c. 1965) is an American scholar who holds positions as Fellow with the Atlantic Council and professor at University of Haifa (on sabbatical). Shaffer was the former research director of the Caspian Studies Program at Harvard Ke ...
, a lobbyist for Azerbaijan, suggested that he was sent by the
Kremlin
The Moscow Kremlin (also the Kremlin) is a fortified complex in Moscow, Russia. Located in the centre of the country's capital city, the Moscow Kremlin (fortification), Kremlin comprises five palaces, four cathedrals, and the enclosing Mosco ...
in order to disrupt peace talks
and bolster Russia's influence in the region.
Specifically, questions were raised about Vardanyan's ability to abandon his Russian citizenship so fast. The process takes 6 to 12 months for average individuals, and you have to gather a lot of paperwork.
He has close ties to
Vladimir Putin
Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
.
In some Armenian circles, Vardanyan was accused of and criticized for supposedly suggesting that Armenia be subjected to the Russian Federation in much the same way as the autonomous republic of
Tatarstan
Tatarstan, officially the Republic of Tatarstan, sometimes also called Tataria, is a Republics of Russia, republic of Russia located in Eastern Europe. It is a part of the Volga Federal District; and its capital city, capital and largest city i ...
. Vardanyan denied this, saying that rather "Pashinyan is doing so that the Republic of Armenia can become a part of Russia."
Urge to remove Vardanyan from the Nobel Peace Prize list
In April 2024, the official representative office in Ukraine of the International Nobel Information Center sent an appeal to the
Norwegian Nobel Committee
The Norwegian Nobel Committee () selects the recipients of the Nobel Peace Prize each year on behalf of Swedish industrialist Alfred Nobel's estate, based on instructions of Nobel's will.
Five members are appointed by the Norwegian Parliament. ...
, signed by 18 people's deputies of the
Verkhovna Rada of Ukraine
The Verkhovna Rada ( ; VR), officially the Verkhovna Rada of Ukraine, is the unicameralism, unicameral parliament of Ukraine. It consists of 450 Deputy (legislator), deputies presided over by a speaker. The Verkhovna Rada meets in the Verkhovn ...
, which contains a call to reject the candidacy of Russian billionaire Ruben Vardanyan as a nominee for the
Nobel Peace Prize
The Nobel Peace Prize (Swedish language, Swedish and ) is one of the five Nobel Prizes established by the Will and testament, will of Sweden, Swedish industrialist, inventor, and armaments manufacturer Alfred Nobel, along with the prizes in Nobe ...
.
A little later, in May of the same year, the Parliamentary Group of the
Romanian Parliament
The Parliament of Romania () is the national bicameral legislature of Romania, consisting of the Chamber of Deputies () and the Senate (). It meets at the Palace of the Parliament in Bucharest, the capital.
Prior to the modification of the Cons ...
of the National Liberal Party called for Vardanian's withdrawal from the list of candidates for the Nobel Peace Prize, labeling him an "enemy of Ukraine" and "sponsor of Russian aggression in the post-Soviet territories". At the same time, 12 other members of the Romanian House of Representatives, including Romanian MEP
Cristian Terces, signed letters with similar appeals.
On May 11 of the same year, a parliamentary majority of 71 members of the
Seimas of the Republic of Lithuania
The Seimas of the Republic of Lithuania (), or simply the Seimas ( ; ), is the unicameral legislative body of the Republic of Lithuania. The Seimas constitutes the legislative branch of government in Lithuania, enacting laws and amendments to ...
signed a collective letter calling on the Nobel Committee to reject the candidacy of billionaire Ruben Vardanyan for the Nobel Peace Prize in 2024 and any subsequent years.
Personal life
Vardanyan is married to Veronika Zonabend who is
of Jewish origin, but was baptized into the
Armenian Apostolic Church
The Armenian Apostolic Church () is the Autocephaly, autocephalous national church of Armenia. Part of Oriental Orthodoxy, it is one of the most ancient Christianity, Christian churches. The Armenian Apostolic Church, like the Armenian Catholic ...
. Zonabend is the co-founder of the Armenian
UWC Dilijan College
UWC Dilijan College is the 14th member of the United World Colleges movement, one of eighteen colleges around the world, and the first international boarding school in Armenia. The college matriculated its first 96 IB1 students (11th graders) in ...
. She also holds a post at the
American University of Armenia
The American University of Armenia (AUA) (, ՀԱՀ; ''Hayastani amerikyan hamalsaran'', ''HAH'') is a private, independent university in Yerevan, Armenia that is accredited by the Western Association of Schools and Colleges Senior College and Un ...
advisory board. Zonabend is the head of the executive board at the Teach For Armenia Educational Foundation. Vardanyan's elder sister Marine Ales is a composer and songwriter, a member of the Aurora Prize Creative Council, and co-founder of "Grant Life Armenia" charity fund.
Awards
In 1999, Vardanyan was recognized as the Businessman of the Year by
American Chamber of Commerce in Russia
The American Chamber of Commerce in Russia (AmCham Russia) is the leading foreign business organization operating in the Russian Federation. Founded in 1994, AmCham advocates the trade and investment interests of its member companies, which inc ...
. For the subsequent couple of years he was named the "best business manager on Russia's capital market" by ''Career'' magazine.
Ernst & Young
EY, previously known as Ernst & Young, is a multinational corporation, multinational professional services partnership, network based in London, United Kingdom. Along with Deloitte, KPMG and PwC, it is one of the Big Four accounting firms, Big F ...
recognized Vardanyan as the Entrepreneur of the Year in 2004. The National Association of Stock Market participants declared Vardanyan as the "investment banker of the year" in 2004 during the ''Stock market elite'' competition. Russian
GQ nominated him as the "Man of the Year" as Best Entrepreneur in the year 2010.
In 2001
''Fortune'' magazine included Vardanyan in its list of "25 Rising Stars of the New Generation". The same year, Vardanyan was included in the list of "100 Global Leaders of Tomorrow''"'' at the
World Economic Forum
The World Economic Forum (WEF) is an international non-governmental organization, international advocacy non-governmental organization and think tank, based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German ...
.
Vardanyan was awarded the
Order of St. Mesrop Mashtots
The Order of St. Mesrop Mashtots () is awarded for significant achievements in economic development of Armenia, natural and social sciences, inventions, culture, education, healthcare, and public service, as well as for activities promoting scient ...
by the
President of Armenia
The president of Armenia () is the head of state and the guarantor of independence and territorial integrity of Armenia elected to a single seven-year term by the National Assembly of Armenia. Under Armenia's parliamentary system, the president ...
in 2011, the Order of
Saint Gregory the Illuminator by Armenian Church in 2013, and Order of Friendship by the president of
Tatarstan
Tatarstan, officially the Republic of Tatarstan, sometimes also called Tataria, is a Republics of Russia, republic of Russia located in Eastern Europe. It is a part of the Volga Federal District; and its capital city, capital and largest city i ...
Rustam Minnikhanov
Rustam Nurgaliyevich Minnikhanov (born 1 March 1957) is a Russian politician who has served as the head of Tatarstan, a federal subjects of Russia, federal subject of Russia, since 2010.
Early life and education
Rustam Minnikhanov was born on 1 ...
in 2018. The same year, Vardanyan received the
Academy of International Business
Academy of International Business (AIB) is the leading association of international business scholars and specialists. Established in 1959, it has over 3400 members in about 90 countries. Membership is open to organizations as well as individual ...
Presidential Award for contribution to the development of education, and, with co-founder of the
Aurora humanitarian initiative
The US $1,000,000 Aurora Prize for Awakening Humanity is a global humanitarian award recognizing individuals for humanitarian work. It is awarded on behalf of the survivors of the Armenian genocide.
The Aurora Prize ceremonies have taken place si ...
Noubar Afeyan
Noubar Afeyan (Western ; born in 1962) is an American-Canadian entrepreneur, inventor, and philanthropist. He is best known for co-founding the biotechnology company Moderna, through his venture capital firm, Flagship Pioneering, and for co-foun ...
, the
Search for Common Ground
Search for Common Ground (or Search) is an international non-governmental organization that works to end violent conflict and build healthy, safe, and just societies. It is the largest such organization dedicated to peacebuilding, with offices in ...
prize to honor accomplishments in conflict resolution, negotiation, community building, and peace-building.
References
External links
Official website
{{DEFAULTSORT:Vardanyan, Ruben
1968 births
Living people
Businesspeople from Yerevan
Politicians from Yerevan
State Ministers of the Republic of Artsakh
Armenian businesspeople
Armenian philanthropists
Former Russia citizens
Russian businesspeople
Russian philanthropists
Russian people of Armenian descent
Armenian expatriates in France
Armenian expatriates in Italy
Armenian expatriates in Russia
Armenian expatriates in the United States
People who renounced Russian citizenship
Prisoners and detainees of Azerbaijan
Soviet military personnel
Merrill (company) people
Russian Presidential Academy of National Economy and Public Administration people
Moscow State University alumni
INSEAD alumni
21st-century Armenian politicians
Russian oligarchs